• The Journal of Asian Finance, Economics and Business
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• 제9권4호
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• pp.29-38
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• 2022

The enormous sway of COVID-19 on the international financial market has been felt across the globe. The financial markets of Bangladesh have also been similarly affected by the global epidemic and experienced a significant increase in volatility. To scrutinise the connection between COVID-19 and the Dhaka Stock Exchange (DSE) indices' return and instability, this study uses data of the DSE from February 2014 to September 2021. A comparative examination of the return and instability of the stock indices of the DSE has also been done considering the outbreak of the current COVID-19 situation. After using the GJR-GARCH (1,1) model, this review uncovers that the outbreak of COVID-19 has a statistically positive noteworthy association with the DSE stock indices' instability, which increases the market's volatility. Traders' fear and the rising frequency of COVID-19 reported patients could cause this. Besides, according to this study, COVID-19 shows a substantial positive linkage with stock market returns that increases the market's return. An appealing valuation, lower interest rates in the banking channel, economic rebound following the closure to prevent coronavirus transmission, improved remittance inflows, and a return of export revenues could all have contributed to this outcome. In addition, the findings also reveal that all market indices are in a mean-reverting phase.

• 유통과학연구
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• 제17권1호
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• pp.89-94
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• 2019

Purpose - In recent digital information society, the most important factor of to increase the firm value of the distribution company is not the activity to increase the sales through the general advertisement of the unspecified majority by purchasing the finished product, but to grasp the needs of the consumers and to develop a new distribution platform that connects producers and consumers directly through consumer-tailored advertisements centering on e-commerce. Therefore each company in the distribution industry is spending a lot on research and development investment to innovate the distribution technology and distribution system, and the research and development investment expenditures can affect firm value. The purpose of this study is to analyze the impact of research and development investment expenditures in the distribution industry on market value of the firm. Research design, data, and methodology - As a research method, the sample firms are those which are listed on korea stock exchange market from 2011 to 2017 and the research model is Ohlson(1995) model, which is a representative valuation model using accounting information. This study analyzes the effect of distribution company's research and development investment expenditures and advertising expenditures on market value of the firm Results - The results of empirical analysis show that research and development investment expenditures for developing new distribution technology and advertising expenditures for promoting sales in the distribution company are all positively related to the market value of firm. Therefore, in describing market value of the distribution company, it is shown that the research and development investment expenditures and advertising expenditures together with the net asset and net profit are the important accounting information that explains the market value of firm. This result show that investment expenditures on research and development for the innovation of distribution technology of distribution company creates intangible intellectual assets and increases market value of the firm. Conclusions - The result of this study shows that research and development investment expenditures for the new distribution technology as well as the spending for the advertisement in the future is a very important investment expenditures that can increase the market value of the distribution company.

• 보존과학회지
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• 제33권6호
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• pp.457-466
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• 2017

본 연구는 한지에 관해 학계의 연구 동향을 연구의 목적, 내용, 결과를 토대로 분석하고 향후 연구 방향성 제시를 목적으로 한다. 이를 위해 1965년부터 2016년까지 51년간의 12개 학회지를 대상으로 연구를 진행하였다. 핵심어 167단어로 연구논문을 수집하였고 총 178편의 연구논문을 선정하였다. 178편의 연구논문에 대하여 연도별, 연구내용별, 학문분야별로 구분하여 통계분석을 수행하고 수치화하여 연구 동향을 파악하였다. 연구논문의 발표 빈도수는 전반적으로 국내 정부 부처별 연구 사업에 영향을 받는 것으로 나타났으며, 연구내용으로는 주로 실험을 통한 물성평가나 기능성을 높이는 연구가 진행되었다. 또한 관찰, 분석, 사례, 상태조사와 같은 분야에서는 연구가 미진하여 향후 연구방법의 다각화가 요구되며, 본 연구를 통하여 한지에 관한 연구 방향성을 설정하기 위한 기초자료로 활용되기를 기대한다.

• 산업경영시스템학회지
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• 제41권2호
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• pp.153-158
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• 2018

At the Bank of Korea, capital stock statistics were created by the PIM (perpetual inventory method) with fixed capital formation data. Asset classifications also included 2 categories in residential buildings, 4 non-residential buildings, 14 constructions, 9 transportation equipment, 28 machinery, and 2 intangible fixed assets. It is the Korean government accounting system which is developed much with the field of the national accounts including the valuation, but until 2008 it was consistent with single-entry bookkeeping. Many countries, including Korea, were single-entry bookkeeping, not double-entry bookkeeping which can be aggregated by government accounting standard account. There was no distinction in journaling between revenue and capital expenditure when it was consistent with single-entry bookkeeping. For example, we would like to appropriately divide the past budget accounts and the settlement accounts data that have been spent on dredging into capital expenditure and revenue expenditure. It, then, tries to add the capital expenditure calculated to FCF (fixed capital formation), because revenue expenditure is cost for maintenance etc. This could be a new direction, especially, in the estimation of capital stock by the perpetual inventory method for infrastructure (SOC, social overhead capital). It should also be noted that there are differences not only between capital and income expenditure but also by other factors. How long will this difference be covered by the difference between the 'new series' and 'old series' methodologies? In addition, there is no large difference between two series by the major asset classification level. If this is treated as a round-off error, this is a problem.

• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 2005년도 제26회 동계학술발표회 논문집
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• pp.124-139
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• 2005

In the early stage, the radio communication industry was widely accepted as a monopoly industry, so it has been controled and managed by government. But the advanced technology in Information and Technology industry has led constant increase of demand and dramatic change of communication market. Furthermore it is expected that frequency resource is to be short by market change due to wire-wireless integration. That is why the effort to utilize and manage limited frequency resource efficiently is being executed around the world. Not only newly developing and allocating the spectrum but also reallocating the existing spectrum important are, since transforming inefficiently used existing spectrum to new service can increase producer's surplus and social welfare. The economic approach to valuate the spectrum and spectrum usage right is necessary different from the traditional cost based approach, and through this approach I expect active transaction of spectrum. In this paper the real option methodology is used for valuation of spectrum, considering spectrum user's option right based on future revenue. In detail, the matter of withdrawing and reallocating the existing analog radio broadcasting spectrum is evaluated in this paper, The digitalization of a broadcasting service is widely spreaded around the world in terms of technology and service utility, and analog TV broadcasting has already been decided to be transformed to digital TV broadcasting. It was planned to convert analog radio broadcasting to DAB service before adopting DMB service, but nowadays this issue is not on the table anymore. However if the increasing demand of digital voice and broadcasting service is considered, this kind of research to valuate a spectrum is needed urgently. The result of this research shows that when the redeployment of spectrum is done, social welfare will increases. The point of the reallocation time and value are suggested by the monte carlo simulation through ROVM. In this paper, I use real option to valuate the spectrum and provide the point of the reallocation time and reasonable guideline, and moreover, the suitable information of this paper is expected to reduce risk and loss in policy practice.

• 한국전자거래학회지
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• 제12권2호
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• pp.155-194
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• 2007

본 연구의 목적은 최근 급속히 확산되고 있는 유비쿼터스 컴퓨팅 관련 기술 개발의 기준이 되고 있는 UCT(Ubiquitous Computing Technology)기반 서비스 시나리오의 실질적인 구현 가능성을 종합적으로 평가하는 다면평가방법론을 제안하는 것이다. 다면평가는 제안된 UCT기반 서비스 시나리오에 대하여 기술성, 사업성, 수용성의 3차원으로 평가하여 개별 시나리오의 구현 가능성 및 타당성에 대한 종합적인 평가를 가능하게 해주는 평가방법론이다. 이것은 기존 UCT기반 서비스 시나리오 관련 평가방법론의 부재를 극복하기 위해 제안되었다. 또한 기존에 제안된 기술가치 평가, 재무적 평가(ROI, ROA 등) 등 현재 구현되지 않는 UCT기반 서비스 시나리오의 특성상 도출 불가능 하거나 그 의미를 부여하기 어려운 파라미터를 이용하는 평가 방법의 한계를 극복하기 위해 제안되었다. 따라서 이는 다양한 분야에서 제안되는 UCT기반 서비스 관련 시나리오에 대한 실현 가능성을 포괄적으로 평가하여 해당 시나리오에 기반한 기술 개발에 대한 타당성과 개발 우선순위를 결정하는 평가 도구로 활용 가능할 것이다.

• 한국위성정보통신학회논문지
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• 제6권2호
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• pp.15-19
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• 2011

디지털방송 기술과 통신 기술이 융합되어 탄생한 지상파 DMB는 CD 수준의 음질을 제공하고 시속 300Km 이상의 빠른 속도로 달리는 KTX와 같은 초고속 열차에서도 TV 수신이 가능하며, 다양한 방송통신 융합형 서비스를 휴대폰, PDA, 전용단말기 등을 통해 제공이 가능한 기술로 세계 속으로 확산되고 있다. 본 논문에서는 T-DMB Total Solution에 대한 기술평가 추정 방법뿐만 아니라 베트남에 유료 T-DMB 서비스를 제공하기 위한 T-DMB 시스템 구축에 관한 마케팅 사례도 기술한다. 끝으로, T-DMB 글로벌 확산에 필요한 비즈니스 모델을 제시 하였다.

• 기술혁신학회지
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• 제16권4호
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• pp.1090-1108
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• 2013

최근 국가 연구개발 성과 기술이전 사업화 정책이 강력하게 추진되고, 기업도 미래 경쟁력 강화를 위해서 라이선스 전략을 도입하고 있다. 라이선스 거래에서 협상 당사자들이 수용할 수 있는 객관적이고 합리적인 로열티 정보가 요구된다. 본 연구에서 상관행법 로열티 정보와 로열티 영향요인(기술성, 시장성, 권리성) 평가 결과를 결합하여 경상로열티를 추정할 수 있는 방법을 제시하였다. 분석결과 업종별 상관행법 로열티 적정 범위와 기술거래사례 로열티 정보 사이에 유사성이 높은 것으로 나타고, 분석결과 상관행법 로열티의 활용 타당성을 확인하였다. 최종 경상로열티 추정을 위하여 상관행법 로열티 범위와 로열티 영향요인 분석 결과를 결합한 선형함수를 이용하였다. 본 연구결과는 라이선스 협상과정에서 객관적이고 합리적인 경상로열티를 산출하는데 유용하게 활용될 수 있을 것이다.

• 지식경영연구
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• 제17권3호
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• pp.161-179
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• 2016

The recent patent wars in the information technology (IT) industry demonstrate the strategic importance of IT patents in the industry. In this paper, we adopt the lens of real options to study the value of IT patents for IT firms. Specifically, we examine the relationship between IT patents and firms' market performance. We also consider the moderating effect of the innovation orientation of firms' patent portfolios (exploitative vs. explorative). Based on a large panel dataset consisting of 697 firms in US IT industries, our results suggest that the impact of IT patents on firm value (as measured by Tobin's q) is positive and significant. Further, we find that this impact varies, depending on the innovation orientation of firms' patent portfolios. IT patent portfolios with higher levels of an exploitative orientation are associated with higher firm value, compared to those with a lower exploitative orientation. This study highlights the value of employing real options theory as the underlying mechanism in understanding the impact of patents on firm valuation. Future researchers can adopt the real options lens to identify and empirically examine the role of other factors that may affect the value of patents and other investments exhibiting real option characteristics. While our paper answers some questions about the value of patents in the IT industry, it also raises a number of additional new questions. As such, we hope that it will generate more research on this important topic.

• 대한산업공학회지
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• 제25권1호
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• pp.67-74
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• 1999

Market share is one of the most important measures in the valuation of prospering firm. It plays a role of composite indicator for the competitiveness of firm. So, the understanding of the underlying process of market share is inevitable factor for the econometricians and the business engager. Lately, the Korean Economy has been placed in the control of IMF. This shock will cause a lot of influence over the domestic economy. The idea that the information about the past shock-response experience will do us good for dealing with this kind of economic shocks is not new. Among numerous markets, we pay attention to the durable goods market, especially automobile market. The automobile market has large repercussion effect over the domestic economy on the issue of both national employment and technology integration. We divided the Korean automobile market into three segments: small, medium, and large-sized car, while each proportion of these segments has been changing slowly. We propose a Bayesian approach to detect and forecast structural changes in time series of the market shares in the domestic automobile market, especially for level shifts and drift changes, and compare the empirical results with other existing approaches.